Aztec Group Completes Acquisition and Bridge Loan for Woodside Apartments
- Jul 06, 2012
By Georgiana Mihaila, Associate Editor
Real estate investment and merchant banking firm Aztec Group, Inc. has recently closed on a $6.55 million acquisition and bridge loan for the multifamily property Woodside Apartments in Kissimmee, Florida.
The Woodside Apartments complex, to be renamed The Park at Sorrento, was acquired through a partnership between affiliates of Mayan Properties, an Aztec affiliate, and Blue Rock Partners, a leading property management firm based in Tampa, Fla. that owns more than 4,800 units in 17 communities throughout the Orlando and Tampa Bay markets. Financing was arranged through a regional bank with a new five-year, non-recourse loan.
The 208-unit rental community stretches over 15.4 acres at 900 Woodside Circle and is comprised of 27 individual buildings constructed in 1974. The property’s location provides access to several employment centers including Kissimmee Municipal Airport, and to the shopping centers that sit along the highly transited W. Irlo Bronson Memorial Highway.
Under the new name The Park at Sorrento, the multifamily property—which has 200,000 square feet of leasable square footage—is to undergo a $2.5 million renovation over the next year that will include its common areas and all apartments. Blue Rock Partners will oversee the renovation of the residential community and also manage its day-to-day operations.
“Woodside Apartments will undergo a complete renovation program of the unit interiors, as well as the exteriors and grounds. The extensive improvement program will bring the community completely into the fold of the typical Blue Rock property,” said Jason Shapiro, Aztec Group’s managing director, who represented the borrower in the transaction. “The lender was very impressed with the track record of the sponsorship group, the property’s excellent location, and the investment being made in the re-positioning and re-branding of the property to fully maximize the community’s potential.”
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